It is fairly understandable how the value of your property and increasing it can depend on a myriad of factors, right from where it is located, the demographics around, the environmental factors, how far updated the property is, and what has come to hold of value very recently but for good is how in compliance it is with various environmental narratives – legal and otherwise.
It is irrelevant what your plans with regard to the property are but it is always a good idea to make efforts to be market-friendly in a manner that helps increase the property value. Read the article to find 6 ways to do so!
1. Please make sure that your property is energy efficientSource: thetimes.co.uk
Energy efficiency is a relatively novel concept, however, it is here to stay because the conditions of our climate and its environment will continue to deteriorate. Therefore, it is pivotal that the property is at least resilient. NYC legislation of the Climate Mobilization Act is an ambitious law targeting carbon emissions in the real estate and privately owned buildings sector and aims to empower commercial buildings with energy efficiency through its “local laws”.
Energy efficiency essentially helps increase the holistic value of the building because it reduces the utility bills, which in itself is such an attractive characteristic for a property to have. It makes the property low maintenance in the longer run. These low utility bills are achieved by optimizing heating, ventilation, air-conditioning, and cooling (HVAC) and its appliances, and by installing LED lights and solar panels if the circumstances allow for it.
Exactly what kind of methods should be used for your property will be best answered if the owner invests in getting an energy audit and retro-commissioning conducted. These are in-depth processes that survey the property and identify the loopholes and ultimately give recommendations for it. These are made mandatory for the state of NYC by the CMA mentioned above under Local Laws 84 and 97 respectively. However, it’s a recommended practice for all property owners to help elevate value. If you feel overwhelmed or lost at the thought of it, we recommend reaching out to The Cotocon Group, a Green Engineering Firm that has a demonstrated history in bringing about energy efficiency in the real estate sector and helping with legal compliance as well.
1. Clear objectives and assigned priority
2. Provide building information (description, square footage, HVAC, equipment, renovation)
3. Trending capabilities of ECMs
4. Updated building documentation
5. Include a complete scope of work
6. Mention preferred data acquisition method
7. Indicate phase-wise expectations
8 Cost-saving calculations
9. A list of required deliverables
10. Cost range of the project
2. Try Installing as many smart features as possibleSource: avitha.co.uk
The green tech industry has bloomed so much in the last couple of years and its growth is substantiated maximally by the real estate and buildings sector because the intersection is not as visible anywhere else! And we recommend that to take full benefit of it. These smart features help save on gas and electricity. Also, because everything is remote controlled or phone controlled even, it makes it much more feasible to simply switch things on and off as per your liking. They function with such a fine novelty and innovation that the space is firstly utilized optimally and secondly, its analytics are readily available. What cannot be measured cannot be improved and green tech or smart features check exactly that. It is even something that the retro-commissioners struggle with actually. Something as small as installing sensor lighting, security camera, fire detectors, door locks, thermostats, and carbon monoxide detectors can go a long way.
3. Home finishes of course! The lowest hanging fruits
Simple home finishes like putting on a new coat of sustainable paint, cleaning the house, up furnishing, or even landscaping if it’s well within the budget. Replacing old fixtures or switching up the front door also helps in increasing the value. According to the common consensus of the real estate agents, a fresh coat of paint which is one of the most cost-effective upgrades also makes an immense difference in the sale, precisely by 5%. Therefore, we earnestly suggest doing minor renovations and not grand upscaling.
4. Do not forget about the demographics!Source: ineteconomics.org
It is incredibly crucial that the changes that are being made in order to create more value for your property are catering to the demographics in which the building is situated. For example, if the property is built in an area with an older population, ensure that the features you will install are generally more appealing to them because certain features appeal to certain demographics to just analyze your strategy, particularly the kind of demographics it is hoping to sell to.
This can’t be ignored because millennials make up 37% of the home buyers as per the National Association of Realtors. Some of their top-tier demands involve smart tech(keyless entry, high-end wifi access), as has been mentioned above. Similarly, buyers nearing retirement are seeking an entrance without slips, non-slip floors, a full bath on the main level, etc.
5. Improve the indoor air quality
This is such an instant selling point when it comes to increasing the value of a property. With climate change worsening, what is also worsening are extreme weather conditions, health conditions, and disease outbreaks and they all seem to circle back to the quality of the air we breathe. If you observe the trend in the recent health problems, they are mostly always to do with allergies, lungs, and irritability. Huge amounts of money are saved when invested in good air quality and it most definitely helps increase the value of the property.
Now, how to exactly achieve it? Consider upgrading your HVAC, and getting dehumidifiers installed because these keep the contaminants and allergens away. An obvious way is to make the place as green as possible by having a green balcony, or a terrace garden is feasible.